The dollar index (DXY) is trading to a new low for the week at 106.369. The index is currently down -440 pips this week and is down -3.97%. That is the largest decline since March 2009 when the index fell around 4.10% on the week.
The weekly chart below shows the pip change in the top chart on the bottom. The lowest chart shows the % change for the week going back in time. That decline shows a fall of -3.97%
Dollar index is down the most since March 2009
Drilling to the daily chart below, the DXY fell below the 100 day MA yesterday at 109.056. The close below was the first since mid-June 2021. The next key target on the downside is the 38.2% of the move up from the January 2001 low which comes in at 105.01. The rising 200 day MA is at 104.782. That combination would give sellers cause for pause on a test going forward.
The DXY is below 100D MA for the first time since June 2021
USDJPY smashed through 100 day moving average today
USDCAD falls toward 100 day MA/38.2% retracement target